Consumer Decision Making in Healthcare: The Role of Information Transparency

While rising customer expectations are driving new business models, increased choice pressure is also affecting existing healthcare systems. Increased price transparency is driving more pricing information, and therefore more “shoppable” healthcare services. Certain services with relatively straightforward pricing structures, such as imaging, can now be viewed in easy-to-use, Kayak-like search engines in certain areas.

Start-ups are offering consumers more options, such as healthcare financial wellness platforms that provide the information they need to make high-value healthcare decisions or tools that make shopping for government-funded healthcare more transparent. Other companies have focused on digital marketplaces for patients to purchase prescriptions with full-price transparency. While many providers have been either hesitant or challenged in offering price transparency estimates, some have worked to provide greater transparency.